Perth records substantial rise in loss-making resales

12 Oct 2017 Forrestfield 0 Comment

Over the June 2017 quarter, the proportion of resales at a loss across the individual capital cities fell in Sydney, Melbourne and Canberra but rose elsewhere.

Only 1.8% of resold properties over the quarter in Sydney recorded a loss which was the lowest proportion of all the capital cities. Across the remaining capital cities the proportion of resales at a loss were recorded at: 3.7% in Melbourne, 9.1% in Brisbane, 8.9% in Adelaide, 26.4% in Perth, 5.1% in Hobart, 36.7% in Darwin and 9.3% in Canberra. Perth and Darwin in particular, have continued to see a high proportion of resales at a loss.

Perth in particular recorded a fairly substantial rise in lossmaking resales however, it was encouraging to see relatively little change in most of the other capitals.

In comparison to the same quarter last year, the proportion of resales at a loss was higher in all capital cities except for Sydney, Melbourne, Adelaide, Hobart and Canberra. The proportion of properties resold at a loss over the second quarter of 2017 in Brisbane was the highest since July 2015. The proportion of resales at a loss in Perth is currently at an historic high and in Darwin is at its highest level since August 2001. On the other hand, the proportion of resales at a loss in Melbourne is at its lowest level since July 2011.